HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2024-05RESOLUTION NO. FWHFC—2024-05
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION AUTHORIZING THE SALE OF FIVE LOTS LOCATED AT 1704
COLVIN AVENUE; 2650, 2670 AND 2770 ASH CRESCENT STREET; AND 2771
BELZISE TERRACE IN THE ASH CRESCENT NEIGHBORHOOD TO ALPHA
FAMILY GROUP, LLC OR AN ELIGIBLE AFFILIATE FOR THE DEVELOPMENT
OF SINGLE-FAMILY RESIDENCES
WHEREAS, the Fort Worth Housing Finance Corporation (the "Corporation") seeks to
promote homeownership and neighborhood revitalization throughout the City of Fort Worth
("City") and foster the development of quality, accessible, affordable housing for low- and
moderate -income individuals and families;
WHEREAS, in 2007 and 2008 the Corporation acquired several lots for future affordable
housing development as part of its land banking program, and has constructed single family houses
and developed subdivisions especially in targeted areas of the City;
WHEREAS, the Corporation's standard documents for sale of single family lots include
mechanisms to ensure that the purchaser of the lots uses the property to construct single family
houses and sell them to income -eligible buyers ("Deed Restrictions");
WHEREAS, Alpha Family Group, LLC, a Texas limited liability corporation, requested
to purchase 5 lots located at 1704 Colvin Avenue; 2650, 2670 And 2770 Ash Crescent Street; and
2771 Belzise Terrace in the Ash Crescent Neighborhood at below market value established by a
broker's price opinion in order to build affordable owner -occupied, single-family residences;
WHEREAS, the Board of the Corporation (the "Board") desires to approve the sale of 5
lots to Alpha Family Group, LLC, or to an affiliated entity that is willing and able to comply with
the Deed Restrictions (an "Eligible Affiliate"); and
WHEREAS, the Corporation is amenable to selling the lots for a total amount of
$150,000.00 for the purpose of affordable single-family housing development.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
THAT the Board approves the sale of the 5 lots more particularly described on the attached
Exhibit "A" (the "Property") to Alpha Family Group, LLC or an Eligible Affiliate, for
the negotiated price of $150,000.00, plus the payment by the buyer of all closing costs.
2. THAT the Board approves the execution and delivery of the following for the sale of the
Property: (i) sale and purchase agreements with Alpha Family Group, LLC or an Eligible
Affiliate, (ii) related deeds, and (iii) closing statements and any other related documents
RESOLUTION NO. FWHFC-2024-05
PAGE
necessary to complete the sale of the Property with all contracts and deeds to include deed
restrictions, rights of repurchase and/or first refusal, and reverters as staff deems
appropriate in order to ensure the Property is used for the intended purpose (the "Closing
Documents").
3. THAT Fernando Costa, General Manager of the Corporation, or Victor Turner, Assistant
General Manager, or their duly appointed successors, are each authorized to execute and
deliver the Closing Documents for and on behalf of the Corporation along with any related
documents necessary to sell the Property.
4. THAT to the extent any actions to sell the Property authorized by this Resolution have
already been taken by the Corporation, Fernando Costa, Victor Turner, or any other
representative or agent of the Corporation, the Board hereby ratifies and confirms such
actions as the valid actions of the Corporation, effective as of the date such action was
taken.
5. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted March 26, 2024.
FORT WORTH HOUSING FINANCE CORPORATION
VB
Carlos Flores
President
Attest:
It-" Vd= � I
Jannette S. Goodall
RESOLUTION NO. FWHFC-2024-05
PAGE
EXHIBIT A
ADDRESS
LEGAL DESCRIPTION
SALES PRICE
RESERVATION
1704 Colvin
Lot 3, Block 2, Sunrise
$30,000.00
FWHFC retains
Avenue
Park Addition, Situated in
mineral rights
The City of Fort Worth,
Tarrant County, Texas and
located within The Fort
Worth Independent School
District. (3034437) As
Shown by a Deed of Record
in Volume 4326, Page 143
of the Deed Records of
Tarrant County, Texas
2650 Ash
Lot 1, Block 5, Sunrise
$30,000.00
FWHFC retains
Crescent Street
Park Addition, situated in
mineral rights
the City of Fort Worth,
Tarrant County, Texas, and
located within the Fort
Worth Independent School
District. (3035069) As
shown by a Deed of Record
in Volume 9887, Page 1427
of the Deed Records of
Tarrant County, Texas.
2670 Ash
Lot 6, Block 5, Sunrise
$30,000.00
FWHFC retains
Crescent Street
Park Addition, situated in
mineral rights
the City of Fort Worth,
Tarrant County, Texas, and
located within the Fort
Worth Independent School
District. (3035115) As
shown by a Deed of Record
in Volume 12414, Page 260
of the Deed Records of
Tarrant County, Texas.
2770 Ash
Lot 6a, Block 6, Sunrise
$30,000.00
FWHFC retains
Crescent Street
Park Addition, Situated In
mineral rights
The City Of Fort Worth,
Tarrant County, Texas, and
located within the Fort
Worth Independent School
District. (3035220) As
Shown by a Deed of Record
RESOLUTION NO. FWHFC-2024-05
PAGE 4
in Volume 11955, Page 582
of the Deed Records of
Tarrant County, Texas.
2771 Belzise
Lot 1, Block 7, Sunrise
$30,000.00
FWHFC retains
Terrace
Park Addition, situated in
mineral rights
the City of Fort Worth,
Tarrant County, Texas and
located within the Fort
Worth Independent School
District. (3035263) As
shown by a Deed of Record
in Volume 11929 Page 397
of the Deed Records of
Tarrant County, Texas.